PurushothamanP (Director) (37 Points)
23 March 2014Sirs,
My Brother made sale of house property on Jan 2013 @ 40 lac where it has a loan of 2.5 lac in private institution (DHFL) (construct the house previously it is a plot worth @ 3 Lac in December,1996) , where he purchased a new house 29 lac and extended the building @ 8 lac in March 2013. Now How much tax he has to pay? Kindly help in this regard and any excemption is there? (Pls. Mention Income Tax Section also).
Thanking You in advance.
Priya Gupta
(CA Job)
(29 Points)
Replied 23 March 2014
Priya Gupta
(CA Job)
(29 Points)
Replied 23 March 2014
Manoj Mehta
(Head Of Department (Accounts & Finance))
(1479 Points)
Replied 23 March 2014
Mihir
(Wealth Manager)
(5293 Points)
Replied 24 March 2014
To compute capital gains, one requires the following details
cost of purchase of flat sold and year of purchase
sale price of flat sold and year of sale
cost of purchase of new flat and year of purchase
CAclubindia
